Polaroid Development - Essay Example

Developing of products that banks on or are supported by the latest technological application in the market. Capturing a sizeable portion of the imaging market by offering a wider range of modern products which will cater to the intended market. Undertaking marketing efforts that will effectively reach out to its captive market and become fully aware of its customers’ needs and preferences. The firm’s vision-mission is both technology and market-oriented, i.e. considers technological state and market preference. Business units are organized in teams, each composed of key players from marketing, sales, research, engineering and manufacturing.

The operation of business units is more focused as each team concentrates on the development of a particular product or line. Determining how many new products each business unit can develop and launch in the market within a specified period and budget. Establishing how well the products developed and launched are doing in the market compared to competitors. Evaluating the net contribution of each business unit to overall company profitability. The firm is offering a diversified line of instant imaging products. As such, marketing efforts should be differentiated depending on the demographics of the intended market. The marketing strategy should suit the target market.

Given a wide target market range, there should be market segmentation followed by product positioning to effectively penetrate the target market. Focused Group Discussion. Invite people within the target market and tackle what are the marketing factors or strategies which have a great impact on their decision to purchase Polaroid products. Hold another round of discussion with those who purchased the product and take note of their feedback on the various aspects of the products.

Profiling of Customers and Target Market. To ensure that marketing plans are going through the desired direction, compare the profile of customers with that of the potential market initially targetted. Trend Analysis. For an effective marketing plan, current trends must be considered. Polaroid can take advantage of current trends in the environment when planning and implementing its marketing efforts. Polaroid has the ability to come up with innovative instant imaging products. The firm’s expertise along this line is already proven since Polaroid has been in the market for decades. Polaroid’s track record for developing high-quality instant imaging products is already tested. In view of its expertise in instant imaging, Polaroid has a strong market presence. The market is well aware of the Polaroid brand, thus, the company has established brand equity. The brand name is trusted by the market. Read More